Steven J. Fromm | Steven J. Fromm & Associates, P.C.
However, from a gift tax perspective, your mom can give you $13,000 without having to file a gift tax return or using up her lifetime unified credit that is currently $5,000,000. If her husband joins in the gift this amount can be $26,000. From an income tax perspective, the money given to you is not taxable income. You have not stated your age but if she provides over 1/2 of your support and other criteria are met she may be able to claim as a dependent.
Answer Applies to: Pennsylvania